Government Re-States Commitment To Economic Revival

Government Re-States Commitment To Economic Revival
Hauwa Noroh Ali, Abuja

The Nigerian government says its goal remains the revival of the economy. It said this would be pursued through the provision of physical and social infrastructure, security and transport, development of the Niger Delta region, reduction of poverty, wealth creation and support to all intervention programmes.

Nigeria 's President Goodluck Jonathan said at the inauguration of the fifth microfinance conference and entrepreneurship awards in Abuja that '' the creation of a solid platform for the inclusion of all the economically active poor in the country's financial system is of utmost importance to his administration.''

He said that the government would support the Central Bank of Nigeria 's mass literacy and enlightenment programmes, aimed at increasing the outreach and access to financial services by ensuring that a microfinance Development Fund is created.

President Jonathan said this would enable the country experience accelerated growth in its real-GDP, register increased investment, revive and grow its agricultural and industrial sectors .

The President said that Microfinance institutions must focus on both staff and client's literacy programme to create a mutually beneficial relationship. He said that while this effort would help the clients of microfinance institution become more conscious of their rights and duties, it would also reduces their risks of becoming victims of fraud, predatory and unfair practices.

The Central Bank Governor, Lamido Sanusi said that the lack of access to financial services has posed serious challenges to national economic growth and development.

He said that in Nigeria , the financially excluded are 46.3 percent of the population and the challenges to financial inclusion in Nigeria include: target groups are sparsely located with poor infrastructure, difficult physical access, lack of awareness, low income social exclusion illiteracy and difficulty in proving the identity and easy accessibility of informal credit.

Mallam Sanusi stated that empowering this segment of the population is sine qua non to a robust and inclusive economic growth and development, thus, the bank had approved the establishment of three credit bureaux.

The Central Bank Governor said that a National Microfinance Development Strategy, being championed by the bank in collaboration with the United Nations Development Programme, takes account of a financial inclusion holistically and situates it within the realm of existing microfinance initiatives. 

The two-day conference has the theme: Financial Inclusion for accelerated Micro, Small and Medium Enterprises Development; the Nigerian perspective.

Yinka